14. The Financial Conduct Authority’s role

CPAG

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Debt Advice Handbook Scotland 1st ed - with new material

14. The Financial Conduct Authority’s role

All UK financial services firms, investment firms and consumer credit companies must be registered and authorised by the Financial Conduct Authority (FCA).1register.fca.org.uk

To be authorised, a company must meet the standards set by the FCA. An authorised firm can be investigated by the FCA if they do not meet these standards. The FCA can order authorised firms to stop trading, prosecute them and get compensation for consumers.

The FCA register lists all companies regulated by the FCA, including those regulated in the past. It contains information on the firm’s contact details, what they are authorised to do and if they are covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme. The register also contains information on firms offering financial products or services without the necessary authorisation. This includes firms operating financial scams listed with red text and a warning symbol. You can check whether a firm is authorised at .

If a company is listed on the register as regulated, it must adhere to the FCA’s strict rules. The FCA Consumer Credit Sourcebook (CONC) details the rules businesses must follow. It is closely aligned with the Consumer Credit Act 1974 and all subsequent legislation and regulations.

1 register.fca.org.uk »

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Debt Advice Handbook Scotland - 1st edition

Written in partnership with Citizens Advice Scotland and Money Advice Scotland, CPAG is delighted to announce the first edition of the Debt Advice Handbook Scotland. Based on CPAG’s best-selling Debt Advice Handbook, it details the stages of the debt advice process in Scotland and the key skills needed to give good advice. No money adviser should be without this essential guide. This online edition is funded by the Scottish government.

The Handbook provides the most comprehensive information needed by advisers on the tools and strategies to help clients with their financial difficulties. It details the key stages of money advice, including interviewing clients, establishing liability, prioritising debts, preparing a financial statement, negotiating with creditors and dealing with sheriff officers. Emphasis is placed on taking due care of vulnerable clients and making sure that any payment arrangements agreed are appropriate. There is a focus on sustainable credit arrangements that do not affect a client’s ability to pay essential living expenses and priority debts.

It is the go-to tool for specialist debt advisers as a first step in accessing primary legislation and regulations and is also a reliable guide and training aid for the new debt adviser. Advisers who undertake debt advice alongside other sorts of advice work or other professional disciplines – such as social workers and housing officers – will find this handbook an indispensable resource.

Fully indexed and cross-referenced to law, official guidance and to court and tribunal decisions, tactical guidance and examples are included throughout.

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CPAG

Print publication date Jun, 2024

This content was last updated:2024-07-01

Word count175,160

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